Iceland Let its Banks Fail & Has Proved to be the Best Decision Ever

Posted Jan 27, 2014 by Martin Armstrong

While in the USA and Europe, this idea that banks have to be saved at all expense is quite absurd. Iceland let its banks fail and the collapse ended the process and a rebirth began. The same is true during the Great Depression. The collapse in the US share market was just 34 months and it was over. The more government gets involved, the worst it all becomes. Just look at Japan and you will see the price of government intervention. Europe is facing the same mistake and the EU Parliament is destroying the economy of Europe and there is no hope of preventing a massive depression just as we say in Japan. In the end, nobody will trust government again and the damage is profound for it typically lasts for a generation. Others are starting to notice this trend as well, albeit perhaps not articulated so bluntly.